Mr Cooper Group Inc (COOP)

[umaw]

REDACTED EMAILS EXPOSED, YES.. CONSPIRACY?????


Here is this email from one of WaMu's main regulators at the OTS, sent on Sept. 10, 2008, 15 days before the bank is seized:

"...it is clear to me that the FDIC hopes that TPG may be a willing party to inject capital in the bank. I thought it would be helpful if we invited David Bonderman (head of TPG) and his folks to join us for a meeting at our office where we could include the FDIC. The purpose of the meeting would be to discuss the various views of the institution's risk profile, current actions under consideration by the FDIC, and possible capital considerations. We would control the meeting and ensure that we have no repeat of the inappropriate behavior displayed by some of the FDIC in our last session with the bank," wrote Scott Polakoff to his boss, John Reich, former director of the OTS. (Reich will be testifying later this morning.)


Read more: Puget Sound Business Journal (Seattle): WaMu regulators begin testifying